More Than 80% of the Funds Locked in Decentralized Finance Are Kept on 5 Chains, 21 Different Defi Protocols
In mid-March, the highest 5 blockchains — when it comes to complete worth locked (TVL) in decentralized finance (defi) — presently command greater than 82% of the $198 billion TVL in defi throughout all blockchains. Each of those chains presents various kinds of defi protocols like decentralized trade (dex) platforms and lending purposes, permitting individuals to designate their funds in numerous methods.
5 Blockchain Networks, 21 Defi Protocols
Today, there’s slightly below $200 billion in defi and that’s simply the whole worth locked (TVL), because it doesn’t embody the massive amount of tokens tied to those particular protocols. Right now, 5 totally different blockchain TVLs signify 82% of the $198 billion locked in defi protocols. The chains embody Ethereum, Terra, Binance Smart Chain, Avalanche, and Solana.
Ethereum presently holds the most important TVL with $108.51 billion or 54.59% of the worth locked in defi protocols. On March 14, the highest decentralized trade (dex) platform tied to Ethereum is Curve Finance, with its $17.72 billion in TVL. Ethereum’s high collateralized debt place (CDP) utility is Makerdao, which is slightly below Curve because the second-largest TVL in defi right this moment.
In phrases of liquid staking, Lido is the highest defi protocol and Convex Finance is Ethereum’s high protocol for yield. Lastly, Ethereum’s largest lending protocol is the defi utility Aave, with its $11.35 billion TVL.
The second-largest chain when it comes to TVL in defi is Terra, with $25.79 billion or 12.98% of the combination TVL. Terra’s hottest dex is Astroport, and Lido is the most important when it comes to liquid staking. In phrases of yield, Pylon Protocol is Terra’s hottest product with the best TVL.
Currently, there isn’t a CDP utility for Terra however the blockchain’s largest lending utility is Anchor with $13.03 billion complete worth locked. The defi lending protocol Anchor has seen a 63.23% TVL improve over the last 30 days.
Binance Smart Chain
The Binance Smart Chain (BSC/BNB) is the third-largest blockchain right this moment when it comes to defi TVL with $11.73 billion or 5.9% of the combination held in defi. The high dex on BSC is Pancakeswap, and the most important CDP utility is the Mars Ecosystem.
There’s no liquid staking by way of BSC however when it comes to yield, Alpaca Finance is the most important on the community. When it involves defi lending, the most important protocol when it comes to worth locked on BSC is Venus.
Avalanche holds the fourth-largest place in decentralized finance this week with $10.88 billion or 5.47% of the $198 billion locked in defi protocols. Today’s high Avalanche dex utility is Trader Joe and the blockchain’s hottest CDP is Defrost.
In phrases of yield, the protocol Yield Yak is the chief on Avalanche, and Benqi holds the highest liquid staking place. Like Ethereum, Aave is the most important lending protocol on Avalanche on the time of writing.
Lastly, Solana is the fifth-largest defi blockchain in mid-March 2022 with a $6.69 billion TVL or 3.37% of the combination held in defi right this moment. Solana’s high dex is Serum and the blockchain’s CDP chief is Parrot Protocol.
Marinade Finance leads Solana’s liquid staking apps and Quarry is the main protocol when it comes to yield. The largest lending utility on Solana this week is Solend with $575.3 million locked.
Besides the Top 5 Chains, There Are Still Dozens of Networks and 862 Lending, CDP, Yield, Liquid Staking, and Dex Applications to Choose From
While the 5 totally different blockchains and the handfuls of aforementioned protocols is the place many of the cash is in defi right this moment, there’s a big assortment of different blockchains and purposes obtainable. At the time of writing, there are 384 dex purposes that permit individuals to swap cash and there are 125 lending defi protocols that permit individuals to borrow and lend crypto. 328 defi apps supply some form of yield and there are 16 totally different liquid staking apps. Furthermore, there’s at the very least 30 totally different CDP protocols that problem stablecoin property by way of collateralized backing.
What do you consider the highest 5 blockchains providing totally different purposes for dex platforms, CDPs, liquid staking, yield, and lending? Let us know your ideas about this topic within the feedback part under.